A skyscraper that would be the tallest residential building in California has been proposed for downtown Los Angeles as the neighborhood’s housing boom rolls on.
Crescent Heights, a Miami-based developer, submitted a proposal to the city Planning Department this week to build a 70-story apartment building that would stand out in size and design amid the rapidly growing South Park district east of Staples Center, the Los Angeles Times reported Friday.
The 810-foot building with 794 units would be the third-tallest in Los Angeles behind the recently opened Wilshire Grand hotel and office tower and the U.S. Bank Tower office building completed in 1989.
Last year, Crescent Heights completed Ten Thousand, a 40-story luxury apartment complex on Santa Monica Boulevard on the edge of Century City. It also plans to build two residential high-rises next to the Hollywood Palladium on Sunset Boulevard, The Times reported.
Its latest high-rise plan, for 1045 S. Olive St., calls for eye-catching cutouts two-thirds of the way up the building that would hold a swimming pool, lounge and gym, according to the newspaper. It’s part of a strategy to move Southern California’s vaunted indoor-outdoor lifestyle from suburbia to vertical living spaces in L.A.’s urban core.
Crescent Heights is just beginning the city approval process, which is expected to take about 18 months, said land use attorney Sara J. Hernandez of law firm Liner, which represents the developer.
If the city approves the $300 million project, it would take about three years to complete construction, The Times reported. The almost five-year timeline would push its arrival well past other big — but not as tall — residential developments under construction downtown, which some market observers fear may become overbuilt in the near future.
—City News Service